Portfolio Update

The information contained in this release was correct as at 31 May 2023. Information on the Company’s up to date net asset values can be found on the London Stock Exchange website at:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155)

All information is at 31 May 2023 and unaudited.
 

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	-7.9%	-12.8%	-12.2%	72.6%	67.7%
Share price	-9.5%	-12.4%	-13.8%	102.0%	95.7%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	-8.4%	-9.7%	-10.7%	50.6%	43.3%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

At month end

Net asset value (including income)1:	583.88p
Net asset value (capital only):	575.54p
Share price:	586.00p
Premium to NAV2:	0.4%
Total assets:	£1,270.4m
Net yield3:	6.8%
Net gearing:	10.9%
Ordinary shares in issue:	191,183,036
Ordinary shares held in Treasury:	1,828,806
Ongoing charges4:	1.0%
Ongoing charges5:	0.8%

¹ Includes net revenue of 8.34p.
² Premium to NAV including income.
³ Based on a second and third interim dividend of 5.50p per share declared on 23 August 2022 and 16 November 2022 respectively, a final dividend of 23.50p per share recommended on 2 March 2023 in respect of the year ended 31 December 2022, and a first interim dividend of 5.50p per share declared on 18 April with ex-date 4 May 2023 and pay date of 31 May 2023, in respect of the year ending 31 December 2023.
⁴ The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 31 December 2022.
⁵ The Company’s ongoing charges are calculated as a percentage of average daily gross assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 31 December 2022.

Country Analysis Total Assets (%) Global 64.1 Australasia 10.8 Latin America 8.5 United States 5.7 Canada 4.2 Other Africa 2.7 Indonesia 1.0 South Africa 0.3 United Kingdom 0.1 Net Current Assets 2.6 ----- 100.0 =====	Sector Analysis Total Assets (%) Diversified 34.4 Copper 21.6 Gold 16.2 Industrial Minerals 7.8 Steel 6.1 Aluminium 3.2 Platinum Group Metals 2.2 Iron Ore 2.2 Nickel 1.6 Uranium 1.0 Mining Services 1.0 Zinc 0.1 Net Current Assets 2.6 ----- 100.0 =====

Ten largest investments
Company	Total Assets %
Vale:
Equity	6.5
Debenture	2.4
BHP	8.3
Glencore	7.4
Teck Resources	4.3
Freeport-McMoRan	3.5
First Quantum Minerals:
Equity	2.6
Bond	0.8
Wheaton Precious Metals	3.3
Newmont Mining	3.1
Ivanhoe:
Equity	1.9
Bond	0.8
ArcelorMittal	2.6

Asset Analysis	Total Assets (%)
Equity	94.2
Bonds	3.2
Net Current Assets	2.6
	-----
	100.0
	=====

Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:

May was a challenging month for the mining sector due to concerns about the strength of China’s reopening, as well as a deteriorating global picture. Global equity markets also declined but held up better, with the MSCI ACWI TR Index falling by -1.1%. China’s economic data broadly undershot high expectations from the market, with industrial production, for example, rising by +5.6% versus expectations of +10.9%. Meanwhile, China’s manufacturing PMI fell to 48.8 from 49.5 in April.

Industrial mined commodity prices were weak in May, with the copper price falling by -5.9% and the iron ore (62% fe) price falling by -4.7%. Precious metals prices were also soft, with gold and silver prices falling by -1.0% and -6.0% respectively. Battery minerals prices rose however, with lithium prices in China rising sharply on improved demand. It is worth noting that the mining sector has risen strongly so far in June on hopes for fresh stimulus in China.

Performance

We do not expect the mining sector to be immune to deteriorating global economic growth. However, whilst recession looms for developed markets, the most important economy for mining, China, is moving in the opposite direction, re-opening following a year of lockdowns and a strict zero-covid policy.

Meanwhile, mined commodity markets are generally tight, with inventories for many commodities at historic lows. At the same time, mined supply is being constrained by the underinvestment of recent years and continued capital discipline. Mining companies are in an excellent financial position, in our view, with high levels of free cash flow, rock-solid balance sheets and a continued focus on returning capital to shareholders.

Last year we saw greater appreciation of the role mining companies will need to play in supplying the materials required for lower carbon technologies like wind turbines, solar panels and electric vehicles. In 2023, we are seeing Brown to Green emerge as a key theme, where mining companies are focusing on reducing the greenhouse gas emissions intensity associated with their production. We expect to see a re-rating for the mining companies able to best navigate this and are playing this in the portfolio.

All data points are in USD terms unless stated otherwise.

19 June 2023 Latest information is available by typing www.blackrock.com/uk/brwm on the internet. Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.